Core Viewpoint - Far East Horizon (03360) announced the issuance of private placement notes totaling 8 billion Japanese yen, which are exempt from registration requirements under securities laws [1] Group 1: Financial Details - The total face value of the notes issued is 8 billion Japanese yen [1] - The notes are denominated in Japanese yen [1] Group 2: Use of Proceeds - The company plans to use all or part of the net proceeds from the issuance specifically for financing and/or refinancing green projects and social projects in accordance with its sustainable financing framework [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任何協議以作出 任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要約邀請。 本公告並不構成亦不屬在或向美國或在任何其他司法管轄權區購買或認購證券的任何要約或招 攬其中一部分。本公告所指的證券概無及將不會根據經修訂的一九三三年美國證券法（「證券 法」）或美國任何州或其他司法管轄權區的證券法登記，除根據證券法及適用州或地方證券法獲 豁免或屬不受該等登記規定所規限的交易外，概不可在美國境內發售或出售。本公告及其中所 載資料不得直接或間接在或向美國或在任何其他司法管轄權區派發。證券將僅依賴證券法S規 例在美國境外發售。概不會在或向美國或向香港公眾或在有關發售受限制或被禁止的任何其他 司法管轄權區作出證券公開發售。 在香港聯合交易所有限公司上市通知 遠東宏信有限公司 （「本公司」） （於香港註冊成立的有限公司） （股份代 ...

Core Viewpoint - Far East Horizon (03360.HK) announced the issuance of private placement notes totaling 8 billion Japanese yen, which are exempt from registration requirements under securities laws, aimed at financing green and social projects [1] Group 1 - The company has extracted funds according to its sustainable financing framework [1] - The total face value of the notes issued is 8 billion Japanese yen [1] - The proceeds will be used specifically for financing and/or refinancing green and social projects [1]

（於香港註冊成立的有限公司） （股份代號：3360） 自願公告 遠東宏信有限公司根據4,000,000,000美元的 中期票據及永續證券計劃提取中期票據 茲提述本公司日期為二零二五年六月二十日有關該計劃更新的公告，其中，本 公司根據該計劃有發售及發行中期票據及╱或永續證券的選擇權。 董事局欣然宣佈，於二零二五年十月二十八日，本公司已根據該計劃進行提 取，以通過私募交易提呈發售及發行提取票據，面值總額為8,000,000,000日 元，提取票據獲豁免遵守證券法項下的登記規定。提取票據以日元計值。 本公司擬根據本公司的可持續融資框架，將全部或部分所得款項淨額或其等值 金額專門用於綠色項目及社會項目的融資及╱或再融資。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，或訂立任何協議以作出 任何該等事宜的邀請，亦不被視作收購、購買或認購任何證券的要約邀請。 本公告並不構成亦不屬在或向美國或在任何其 ...

Core Insights - Two residential land parcels were sold in Hangzhou on October 28, with a total transaction amount of 2.205 billion yuan [1] Group 1: Land Transactions - In the Binjiang District, a land parcel in the Pujiang unit was acquired by Zhejiang Zhongguan Real Estate Development Co., Ltd. for a total price of 1.728 billion yuan, resulting in a floor price of 25,108 yuan per square meter and a premium rate of 19.33% [1] - The land parcel in the Qiantang District's Baiyang unit was purchased by Hangzhou Jiehan Urban Development Construction Co., Ltd. at the base price of 477 million yuan, with a floor price of 10,500 yuan per square meter [1]

Group 1 - The company reported stable overall operations with positive growth in net profit attributable to shareholders for the first three quarters of 2025 [1] - Financial and consulting business maintained steady performance, with inclusive finance business showing significant growth, achieving over 100% year-on-year revenue growth and over 60% growth in interest-earning asset scale [1] - Asset quality remained stable, with prudent write-off policies for inclusive finance-related non-performing assets, indicating controllable overall risk [1] Group 2 - Macroxin Jianfa's overall revenue declined by over 10% due to unchanged domestic supply and demand conditions, although equipment rental rates remained high, with a utilization rate of approximately 80% for aerial work platforms by the end of Q3 2025 [2] - By the end of Q3 2025, overseas revenue accounted for over 15% of Macroxin Jianfa's total revenue, with overseas gross profit contributing over 25% [2] - The company expects total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with respective year-on-year growth rates of -3.74%, 3.28%, and 3.03% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported stable overall operations with a positive growth in net profit attributable to shareholders for the first three quarters of 2025. The financial and consulting business revenues showed positive growth, with interest margins improving both year-on-year and quarter-on-quarter. The inclusive finance business maintained high growth, with revenue increasing over 100% year-on-year and interest-earning asset scale growing over 60% [5][11][12]. Summary by Sections Financial and Consulting Business - The overall financial and consulting business revenue maintained positive growth, with net interest income for the first half of 2025 reaching 5.946 billion yuan, a year-on-year increase of 0.77%. The scale of interest-earning assets was 260.273 billion yuan, up 2.35% from the beginning of the period, with a net interest margin of 4.06%. The inclusive finance business generated interest income of 1.451 billion yuan, a year-on-year increase of 124.10%, and the net amount of interest-earning assets was 21.831 billion yuan, up 56.39% year-on-year [12]. Industrial Operations - The industrial operations segment, particularly the equipment leasing business, saw a revenue decline of over 10% due to ongoing domestic supply and demand issues. However, the utilization rate for high-altitude work platforms remained high at approximately 80% as of Q3 2025. The overseas revenue proportion exceeded 15%, with overseas gross profit accounting for over 25%. For the first half of 2025, the industrial operations segment reported revenue of 4.350 billion yuan, down 10.72% year-on-year, and a net profit attributable to shareholders of 35 million yuan, down 86.77% year-on-year [13]. Investment Recommendations - The report maintains a "Buy" rating, projecting total operating revenue for 2025-2027 to be 38.299 billion, 39.555 billion, and 40.752 billion yuan, with year-on-year growth rates of -3.74%, 3.28%, and 3.03%, respectively. The net profit attributable to shareholders is expected to be 3.924 billion, 4.036 billion, and 4.139 billion yuan for the same period, with corresponding growth rates of 1.59%, 2.86%, and 2.55%. The current dividend yield is 7.30%, indicating a high overall investment value [14].

Core Viewpoint - Far East Horizon reported a year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, indicating stable growth in its financial business despite challenges in its industrial operations [1][2]. Financial Business: Stable Growth - The company's interest margin continues to expand, with a net interest margin of 4.06% and a net interest yield of 4.51% for the first half of 2025, compared to 3.95% and 4.47% in the first half of 2024 [2]. - The scale of interest-earning assets reached 266.6 billion RMB in the first half of 2025, showing a slight increase of 2.30% compared to the end of 2024 [1]. - Inclusive finance business has shown significant growth, with interest-earning assets increasing by over 60% year-on-year, contributing to a doubling of revenue in the first three quarters [2][3]. Industrial Operations: Facing Challenges - The equipment operation segment, primarily represented by Hongxin Jianda, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market and a strategic reduction in domestic business scale [1][2]. - The net profit for the equipment operation segment fell by over 70% year-on-year, although the decline has slightly narrowed compared to the first half of 2025 [2]. - The hospital operation segment remained stable, with a slight revenue decline but continued to maintain profitability [2]. Dividend Characteristics - The company emphasizes enhancing shareholder returns, with a projected dividend per share (DPS) of 0.25 HKD for the first half of 2025 and a payout ratio of approximately 50% [3]. - The estimated dividend yield for 2025 is around 8.0%, despite challenges in the industrial operations segment [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.00 [6][10]. Core Insights - The company's net profit attributable to shareholders increased year-on-year in the first three quarters of 2025, driven by stable financial operations and a significant growth in inclusive finance business, which saw a more than 60% increase in interest-earning asset scale [1][2]. - Despite challenges in the industrial operations segment, particularly in the equipment operation sector, the company emphasizes its commitment to enhancing shareholder returns, with an expected dividend yield of 8.0% for 2025 [1][4]. Financial Business Summary - The company's interest-earning asset net amount for the first half of 2025 was CNY 266.6 billion, reflecting a 2.3% increase compared to the end of 2024 [2]. - Inclusive finance business contributed significantly to revenue growth, with a doubling of income in the first three quarters [2]. - The net interest margin improved to 4.06% in the first half of 2025, up from 3.95% in the same period last year, indicating a positive trend in financial operations [2]. Industrial Operations Summary - The equipment operation segment, primarily under Hongxin Construction, experienced a revenue decline of over 10% year-on-year in the first three quarters, attributed to a competitive domestic market [3]. - The healthcare operation segment remained stable, with a slight revenue decline but continued to maintain profitability [3]. Dividend Characteristics - The company aims to enhance shareholder returns, with a dividend per share (DPS) of HKD 0.25 for the first half of 2025, translating to a payout ratio of approximately 50% [4]. - The projected dividend yield for 2025 is around 8.0%, despite the challenges faced in the industrial operations segment [4].

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]